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Vladimir Putin called established of the joint venture “RUSHYDRO-ALSTOM” in Bashkiria a serious achievement

The meeting of the Russian-French commission on the aspects of bilateral cooperation at the presidential level has taken place in Moscow on December 9. The Chairman of the Government RF Vladimir Putin and the Prime-Minister of France Francois Villon have taken in it. The President of Bashkortostan Rustem Khamitov represented our Republic at the meeting.

Vladimir Putin has stated, taking the floor, the first serious achievements in investment cooperation between our countries are to the fore and called the cooperation with the French company “ALSTOM” among other projects.

“I consider cooperation of our company “RUSHYDRO” with the company “ALSTOM” quite successful” – the head of the Russian Government mentioned at the meeting – “And the matter is here the strategic partnership and launching of the high-tech production in Bashkiria”.

The three-sided agreement concerning establishment of the joint venture “RUSHYDTO-ALSTOM” in Bashkortostan was signed in Moscow the day before. The joint venture will produce the equipment for hydroelectric stations.

“The signed agreement has high social-economic significance for the Republic” – the President of Bashkortostan Rustem Khamitov mentioned – “JSC “RUSHYDRO” and “ALSTOM” will establish the joint venture for manufacturing of the power-engineering equipment for our hydroelectric stations. The expected sum of investments will be about 500 million euro with possible increase up to one billion euro at the next stages”.

It is expected the plant’s output will find an application not just for the Republic but for construction of the Nizhne-Suansky waterworks facility and will be demanded in other Russian regions, for example, in construction of the series of hydroelectric stations in Kuban and Volga-Kama basin. In the future the joint venture intends to sell its products all over the world.

The beginning of the plant’s erection is scheduled on the end of May 2011 and the first output will be obtained in one year and a half. The Republic will open some preferences for the future techno-park, in particular, in obtaining of the tax bonanzas, in allocation of the investment tax credits and preferential land tenure. The future plant will be located in Ufimsky region of Bashkiria, the public affairs service of the President RB reports.